MURRIETA, CALIF. – The 161-unit Guava Street Storagein Murrieta has sold to Eddie Atoian for more than $2 million. The 41,580-square-foot facility is located at 41176 Guava Street. The space was previously occupied by 1st Choice Self Storage until it was foreclosed on earlier this year by First Citizens Bank & Trust Company. Atoian was represented by Stephen Grossmanof NAI Capital’s Orange County office. The bank was represented by Lee & Associates.
Western
TEMPE, ARIZ. – A 60,458-square-foot, mixed-use property in Tempe has sold to Enright Roosevelt Tech, LP for $5 million. The flex/manufacturing property is located at 528 West 21st Street. Enright plans to hold the fully occupied building as an investment property. The company was represented by Paul Boyle and Rick Danis of Cassidy Turley’s Industrial Group. The seller, RBI Industrial Properties I, LLC, was represented by Tim Benson of Westmark Realty Partners.
LOS ANGELES — Bottega Louie has signed a new 15-year lease in Downtown Los Angeles that will allow the gourmet restaurant, market and patisserie to expand its operations. The restaurant’s new location is 617 West 7th Street. The new space will accommodate a pastry kitchen, test kitchen and chocolate confectionary kitchen, as well as training facilities, conference rooms, design studios and corporate offices. Bottega Louie was represented by Adam Tischer of Colliers International. The landlord, The Swig Company, was represented by CBRE’s John Zanetos, Mark O’Brien and Christopher Penrose, Jr.
MURRIETA, CALIF. – The 161-unit Guava Street Storage in Murrieta has sold to Eddie Atoian for more than $2 million. The 41,580-square-foot facility is located at 41176 Guava Street. The space was previously occupied by 1st Choice Self Storage until it was foreclosed on earlier this year by First Citizens Bank & Trust Company. Atoian was represented by Stephen Grossman of NAI Capital’s Orange County office. The bank was represented by Lee & Associates.
It is no secret hat recovery in this real estate cycle hinges on job creation. In Phoenix, this means all eyes are on the markets that can deliver not only space and amenities, but also that golden element: employees. The Southeast Valley emerged early as Phoenix’s premier labor play and most dynamic “big picture” winner with amenities like Arizona State University, Light Rail and a strong base of corporate users. As a result, markets like Tempe have surged ahead with year-to-date positive net absorption of 4.1 percent, 15.8 percent vacancy (compared to the metro Phoenix rate of 24.9 percent) and a host of new tenant announcements. In 2013 alone, Go Daddy added 150,000 square feet to its local footprint; Silicon Valley Bank inked an expansion at Hayden Ferry Lakeside; and State Farm rocked the industry with plans for a new $600-million, 2-million-square-foot office development. In March, GM announced it will invest $21 million and hire 1,000 employees for a new Information Technology Innovation Center in Chandler. This will boost Chandler’s already positive performance, which includes an auspicious 12.8 percent office vacancy and rents at $22.31 per square foot. This area has experienced a small but positive year-to-date absorption of 0.6 …
SAN DIEGO — McMillin Communities has broken ground on the multi-billion-dollar Millenia urban center in the San Diego submarket of Chula Vista. It will be located just east of SR125 at Birch Road. The new community will include 3,000 multifamily units; 2 million square feet of Class A office space; and 1.5 million square feet of retail, hospitality, civic and mixed-use projects. It will also include six themed urban parks and a variety of tree-lined promenades, gathering spaces, bikeways and plazas. Once completed in about 20 years, the 210-acre Millenia will span the equivalent of about 80 city blocks. It will also serve as the urban center for the 22,899-acre Otay Ranch Master Plan. Millenia is one of 236 projects in eight countries that is participating in the pilot program for the Leadership in Energy and Environmental Design Neighborhood Development (LEED-ND) program. It has also been designated a Smart Growth Urban Center by the San Diego Association of Governments.
SAN FRANCISCO – Jamestown has purchased the famous Ghirardelli Square, a 100,394-square-foot lifestyle and entertainment-oriented retail complex in San Francisco. It sold for a reported $56 million. The 12-building complex is located at 900 North Point Street in Fisherman’s Wharf. The retail portion was 55 percent leased at the time of sale. Tenants include the Ghirardelli Square Chocolate Company’s U.S. flagship location, as well as Vom Fass, Jackson & Polk, Gigi & Rose, Wattle Creek Winery, Kara’s Cupcakes and McCormick & Schmick’s. Jamestown plans to execute a multi-million dollar renovation program over the next two years to stabilize the asset and attract new retail concepts and amenities. Ghirardelli’s original structures were built over a span of 100 years, which began in 1864. The complex underwent a retrofitting and significant updates between 1966 and 2009. The seller,a major financial institution,was represented by HFF’s Nicholas Bicardo and Mark Damiani.
UPLAND, CALIF. — MG Properties has purchased the 300-unit Stoneridge Apartments in Upland for $42 million. The community is located at 1540 W. 8th Street. It was built in two phases in 1973 and 1976. Exterior renovations were completed in 2007, while about 75 percent of the units’ interiors have been upgraded. The seller, Sares-Regis Properties, was represented by Dean Zander, Vince Norris and Margie Molloy of Hendricks-Berkadia.
SAN DIEGO — McMillin Communities has broken ground on the multi-billion-dollar Millenia urban center in the San Diego submarket of Chula Vista. It will be located just east of SR125 at Birch Road. The new community will include 3,000 multifamily units; 2 million square feet of Class A office space; and 1.5 million square feet of retail, hospitality, civic and mixed-use projects. It will also include six themed urban parks and a variety of tree-lined promenades, gathering spaces, bikeways and plazas. Once completed in about 20 years, the 210-acre Millenia will span the equivalent of about 80 city blocks. It will also serve as the urban center for the 22,899-acre Otay Ranch Master Plan. Millenia is one of 236 projects in eight countries that is participating in the pilot program for the Leadership in Energy and Environmental Design Neighborhood Development (LEED-ND) program. It has also been designated a Smart Growth Urban Center by the San Diego Association of Governments.
SAN FRANCISCO – Jamestown has purchased the famous Ghirardelli Square, a 100,394-square-foot lifestyle and entertainment-oriented retail complex in San Francisco. It sold for a reported $56 million. The 12-building complex is located at 900 North Point Street in Fisherman’s Wharf. The retail portion was 55 percent leased at the time of sale. Tenants include the Ghirardelli Square Chocolate Company’s U.S. flagship location, as well as Vom Fass, Jackson & Polk, Gigi & Rose, Wattle Creek Winery, Kara’s Cupcakes and McCormick & Schmick’s. Jamestown plans to execute a multi-million dollar renovation program over the next two years to stabilize the asset and attract new retail concepts and amenities. Ghirardelli’s original structures were built over a span of 100 years, which began in 1864. The complex underwent a retrofitting and significant updates between 1966 and 2009. The seller,a major financial institution,was represented by HFF’s Nicholas Bicardo and Mark Damiani.